Disability Insurance for Plastic Surgeons

As a plastic surgeon, specializing in reconstructing, modifying, or restoring the human body comes with years of schooling and practice. The pathway to becoming a plastic surgeon is not only time consuming but it is quite demanding.

According to the Journal of the American Society of Plastic Surgeons, becoming a plastic surgeon requires obtaining a bachelor’s degree that spans for at least 3 to 6 years, taking the Medical College Admission Test (MCAT), completing a 4-year degree from accredited medical school, undergoing residency training twice, choosing a specialty, and so on.

Achieving this feat takes years as well as a great deal of effort and money. So what happens if after obtaining this training, you can no longer work because of a disability? The projected income flow stops, and you may be saddled with a substantial amount of debt.

The thought of this can be devastating, but a reality check may help you avoid the consequences of not being able to work. Opting for a disability insurance policy is a smart way to plan for the unexpected. With disability insurance, your income flow is much more secure.

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Disability Insurance for Plastic Surgeons

Why Do Plastic Surgeons Need Disability Insurance?

There is a saying that the more you earn, the more you spend. Similarly, plastic surgeons’ expenses are huge too. With increased spending comes increased risk if you were suddenly unable to continue practicing.

It’s obvious that there’s a need for plastic surgeons to protect their finances.

Also, by the time you are done with your training as a plastic surgeon, you may have spent the majority of your savings; that, or you’re in debt. Even if you’re not in debt, your future finances are still tied up to your ability to practice.

Disability insurance is that buoy that keeps you afloat even when you are confronted with the economic storm.

No one is immune to the uncertainties of life. As much as we make plans for good things to happen in the future, we must also plan for the bad days. Statistics show that more people are becoming disabled as a result of illnesses. Chronic illnesses like cancer, stroke, and depression are part of the most prevalent causes of disability. Ultimately, knowing that you’re covered gives you that inner peace of mind.

What kind of Disability Insurance Policies are Available to Plastic Surgeons?

If you work for an employer, you’re likely to have coverage through a group insurance plan. The American College of Surgeons, American Medical Association, as well as some specialty surgical societies also offer group coverage.

Even though it is inexpensive, group coverage limits your options and to what extent you’re protected. It means you stand to miss some benefits of what disability insurance is intended to do. Worse still, your sponsor could decide to cancel the policy, the rates may rise, and insurers could exclude some benefits.

On the other hand, owning an individual policy will not only offer you extensive coverage, but you can get a customized plan that works best for you.

Customizing your own personal disability insurance policy provides more income protection when earning six figures and greater. Understanding the difference between own-occupation policies and any occupation policies makes a large difference if you were to ever file a disability insurance claim.

You can learn more about the types of disability insurance by clicking here.

What kind of Policies are Available to Plastic Surgeons
What Should Plastic Surgeons Look For

What Should Plastic Surgeons Look For?

At this point, you can hopefully see reasons to get protected. But just like shopping for a product line, you’d need a guide to buy the right type of product.

Non-Cancelable and Guaranteed Renewability Terms

Renewability terms keep you in charge of your plan. Generally, a policy can be ‘guaranteed renewable’ only or both ‘guaranteed renewable’ and ‘non-cancelable.’

A ‘guaranteed renewable’ policy prevents the insurance company from canceling any provision of the policy provided you pay your premiums. However, the company has the right to increase premium rates with the approval of the state insurance department in the event of poor claims experience.

A non-cancelable and guaranteed renewal gives you total control of your policy. With it, insurance companies cannot cancel or increase your premiums. They also cannot restrict or change any provision.

Own Occupation

This type of policy, although scarce, is ideal for plastic surgeons with total disability. With an own-occupation policy, you get full disability benefits when you can no longer perform your tasks as a plastic surgeon.

Consider the Type of Riders

Depending on the nature of your disability, you can select from three types of riders – the residual disability rider, the cost-of-living adjustment rider, and the future increase option rider. A residual rider is ideal if your disability still allows you to perform surgery but you are limited to a lower number of operations or have to work fewer days or weeks.

The cost-of-living adjustment rider provides you with benefits after 12 months of your disability. The rider can also offer increased monthly benefits if your disability occurred when you are still young. If you are a young surgeon, then we recommend that you consider the future increase option rider. Your disability coverage increases as your income increases, irrespective of your future health. No additional medical test will be needed. Hence, no new medical underwriting.

How Gold Coast Life Insurance Can Help

Plastics surgeons should see the need to protect their most valued asset –  their ability to perform surgery. We know that discussing the subject of disability might not be a pleasant subject.  So, finding a disability policy that will meet your individual needs might be challenging. We at Gold Coast Life Insurance provides a flexible option that is best for your insurance needs. We do not discriminate; we accept high-risk patients and those with pre-existing conditions. Get a free online quote today.

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